IVZInvesco Ltd.

Investment Advice

Revenue: $6.4B; 5.1% YoY
Operating margin: -10.9%; 180% YoY
EBITDA: −$540M; 153% YoY
Market cap: $12.3B
Employees: 7,500; $850K revenue each
Net debt / EBITDA: —; $709M net debt
AI in 10-K: 4.4; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
284% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
33% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$850K · 24th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.4 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$12.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$7M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.9B	$6.0B	$5.7B	$6.1B	$6.4B	5.1%
Operating income	$1.8B	$1.3B	−$435M	$832M	−$696M	184%
Net income	$1.4B	$684M	−$334M	$538M	—
Operating cash flow	$1.1B	$703M	$1.3B	$1.2B	$1.5B	28%
Capex	$109M	$193M	$164M	$69M	$84M	22%
Stock-based comp	$140M	$106M	$115M	$105M	$80M	24%
Buybacks	$61M	$245M	$188M	$79M	$124M	56%
Dividends	$308M	$335M	$358M	$372M	$377M	1.6%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 22, 2025	TRIAN FUND MANAGEMENT, L.P.	SCHEDULE 13D/A	4.6%	Passive
Jun 14, 2024	TRIAN FUND MANAGEMENT, L.P.	SC 13D	6.0%	Passive
Jun 2, 2023	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	7.4%	Passive
Feb 16, 2023	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	7.7%	Passive
Jan 31, 2023	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	9.0%	Passive
Jan 25, 2023	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	10.7%	Passive
Jun 15, 2022	MASSACHUSETTS MUTUAL LIFE INSURANCE CO	SC 13D/A	17.9%	Passive
Apr 1, 2022	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	12.1%	Passive
Mar 25, 2022	TRIAN FUND MANAGEMENT, L.P.	SC 13D/A	10.5%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $7M · 5
Net: −$7M

Pay vs performance

No pay-versus-performance disclosure yet.